Iran has launched a digital insurance platform for cargo shipments transiting the Strait of Hormuz and Persian Gulf, with policies settled in bitcoin, according to a report from IRGC-linked Fars News Agency.
The website, called Hormuz Safe, reportedly offers marine coverage for vessels passing through strategic locations and surrounding waterways. An image of the platform shared by the report reads: "Hormuz Safe provides Iranian shipping companies and cargo owners with fast, verifiable digital insurance – paid via bitcoin and settled at the speed of blockchain."
The Ministry of Economy has been pursuing the plan since April, according to a document obtained by Fars News Agency. The framework could generate more than $10 billion in revenue for the country through low-risk policies covering vessel inspection, detention, and confiscation, per the report.
The Block could not independently verify whether Hormuz Safe is operational or whether any cargo owners have used the platform.
The proposal follows earlier reporting around Iran exploring alternative payment mechanisms for Strait of Hormuz transit under sanctions pressure, including cryptocurrency.
In April, Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the Financial Times that tanker transit fees could be settled in bitcoin or other non-dollar currencies, including yuan, with charges potentially reaching up to $2 million per vessel depending on cargo volume.
Bitcoin traded below $77,000 early Monday, according to The Block’s BTC price page, after falling 1.2% in the prior 24 hours as markets reacted to renewed geopolitical risk signals and macro inflation concerns. The cryptocurrency had recently traded near $82,000 before retreating alongside broader risk assets.